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Ashwin Sheth Group acquires development rights from MHADA for ₹3,800 crore residential project in Mumbai's Goregaon
Ashwin Sheth Group said that the company plans to develop five towers having 2,3 and 4 BHK apartments totaling 12 lakh sq ft of RERA carpet
Mumbai-based Ashwin Sheth Group on July 18 announced a residential project in Siddharth Nagar area of Goregaon West in Mumbai after acquiring development rights from the Maharashtra Housing and Area Development Authority (MHADA).
The company said that the development will have 12 lakh sq ft of RERA carpet area with a gross development value (GDV) ₹3,800 crore.
According to the company, the project spread across 4.05 acres will have premium offerings across five towers of 44 floors along with a signature 60 floors tower.
The project will have 2 BHK, 3 BHK and 4 BHK apartments ranging from 800 sq ft to 1,600 sq ft.
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Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said, "This strategic acquisition from MHADA represents a milestone in our expansion strategy. Goregaon West has emerged as one of Mumbai's most promising residential destinations, and securing this prime 4.05-acre parcel positions us to deliver a world-class development that will set new standards for premium living in the western suburbs."
According to the company, Siddharth Nagar location in Goregaon West offers excellent connectivity to major business districts, entertainment hubs, and transportation networks.
With the area witnessing rapid infrastructure development and emerging as a preferred residential destination for both end-users and investors, the project is strategically positioned to cater to the growing demand for premium housing in the western suburbs, the company said.
Also Read: Ashwin Sheth Group acquires 50% stake in South Mumbai luxury project with ₹2,300 crore GDV
South Mumbai project
Ashwin Sheth Group had on June 11 announced the acquisition of a 50% stake in One Marina, a luxury residential project located in South Mumbai’s Marine Lines with GDV of ₹2,300 crore.
The acquisition was backed by substantial funding from PAG Singapore, an Asia-focused investment firm that has committed $65 million (over ₹540 crore) to support the construction and development of the ₹2,300 crore GDV project.
"Part of the funds raised from PAG were used to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership," the statement had said.
Situated close to Marine Drive and the historic Princess Street Flyover, one of India’s earliest flyovers, One Marina enjoys a prime location in the heart of the city.
